Bitget Strengthens Partnership with Ethena Labs by Supporting USDe in Earn Offerings and Futures Collateral

(MENAFN- Metamorphpr) Global, June 21, 2024 — Bitget, the world's leading cryptocurrency exchange and Web3 company, announced the expansion of the partnership with Ethene Partnership with Ethena, a synthetic dollar protocol developed on the Ethereum blockchain, to introduce its synthetic USDe into services such as Bitget Savings and Coin-Margined (Coin-M) Contracts.
Created by Ethena Labs, USDe is a synthetic dollar that aims to provide a censorship-resistant, stable, and scalable digital asset. Since its inception, USDe has seen its supply skyrocket to over 3.5 billion, with more than 215,000 users. This surge in supply and user adoption signals a significant milestone for USDe in the digital currency realm.
With this new integration, Bitget users can now leverage USDe as a collateral asset to trade coin-margined perpetual futures or as a savings product, both offering an attractive 15% APR. Additionally, Earn product users will benefit from using USDe for both fixed and flexible savings subscriptions, each up to $200,000, creating opportunities for substantial interest gains.
This partnership also broadens the range of trading strategies available, catering to the diverse needs of every Bitget user. Using USDe as yielding margin collateral or through savings greatly enhances capital efficiency by enabling users to expect a different return profile for their assets. Bitget users are the first in the space to benefit by potentially receiving a yield from their stable derivatives margin collateral.
Bitget Savings is one of the Bitget Earn offerings and works similarly to savings in traditional finance. Bitget Savings acts as a backstop for uncertainties and volatilities found in crypto, offering a low-risk financial product similar to traditional savings, tailored for the crypto market with Fixed Savings and Flexible Savings.
“Our decision to team up with Ethena was driven by their pioneering approach to creating scalable, censorship-resistant synthetic dollars, which aligns perfectly with our mission to provide our users with reliable and cutting-edge financial solutions. Bitget is set to enhance its multifaceted collaborations with Web3 innovative projects, further bolstering the Bitget ecosystem. This initiative underscores Bitget's commitment to investing in and developing a robust ecosystem as part of its long-term strategic vision,” says Gracy Chen, CEO at Bitget.
“Ethena’s integration with Bitget marks another significant step forward in expanding access to USDe and creating new use cases for the asset,” said Guy Young, CEO and Founder of Ethena Labs. “From saving to collateral, If traders are using stable assets instead of USDe for basically any function, they are missing out on substantial value – and in continuing to form partnerships with the world’s largest exchanges, our goal is to ensure that no trader has to forgo that value any longer.”



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